Feriglobe records block trading deal of $101.08mln
The Abu Dhabi Securities Exchange (ADX) announced a block trading deal of AED 371.35 million on the shares of Feriglobe, a joint venture (JV) between ADNOC and OCI. The transaction was carried out on 65.15 million of the company’s shares, equivalent to 0.8% of the UAE-based company’s shares, according to recent official data. […]
ARIA Commodities launches 4 projects worth $42mln in HFZA
ARIA Commodities, a leading player in the field of asphalt and distillates and storage infrastructure development, has announced it will invest a total of AED 154 million ($42 million) in the construction of four plants in the Hamriyah Free Zone (HFZA), including a bitumen plant, a refinery, a tyre cycling plant, and a storage […]
MBC Group inaugurates new headquarters in Riyadh
MBC Group, the Middle East region’s largest multimedia conglomerate, inaugurated its sprawling new headquarters complex in the capital city of Riyadh on Sunday. The colorful inaugural ceremony was held in the presence of Acting Minister of Media Dr. Majed Al-Qasabi, Minister of Transport and Logistics Eng. Saleh Al-Jasser, Chairman of the Board of Directors […]
Dubai’s Emirates enters codeshare deal with US flag carrier United Airlines
Dubai’s long-haul operator Emirates Airline has entered a deal with American carrier United Airlines to expand its market presence and boost passenger access to hundreds of new destinations. The “historic” commercial agreement will see Emirates passengers bound to three major business US hubs – Chicago, San Francisco and Houston – easily connect onto United flights […]
Memphis Pharmaceutical’s approves loan from ADIB to settle $15.83mln debt
The board of directors of Memphis Pharmaceutical (MPCI) approved the financing package provided from Abu Dhabi Islamic Bank (ADIB) to settle the EGP 300 million debts of El-Gomhouria Company for Drugs, according to a statement published on September 14th. El-Gomhouria for Drugs’ debts have reached EGP 294.29 million so far. Memphis is one of […]
UAE: Collaboration, not competition, creates wins for neobanks, say CEOs
Digital banking apps are shaking things up and introducing a seamless, cost-effective, and flexible way of accessing financial services to customers in the UAE. Although some of the worst pandemic forecasts have not yet materialised, banks continue to face long-term revenue pressure and tighter competition. The opportunity to fast-track banking transformation has never been […]
Abu Dhabi cloud kitchen start-up The Cloud raises $10mln
UAE-based cloud kitchen start-up, The Cloud, has secured $10 million in a new funding round led by a consortium of venture investors. The Cloud is a B2B2C kitchen platform where food businesses can leverage their excess capacity by hosting third party restaurants. The investment, led by Middle East Venture Partners (MEVP) and Olayan Financing Company, […]
Bahrain and UAE review security co-ordination
Public Security chief Lieutenant General Tariq Al Hassan chaired the Interior Ministry’s delegation at the meeting of the Supreme Security Committee of Bahrain and the UAE in Abu Dhabi yesterday. The UAE delegation was chaired by its Interior Ministry Under-Secretary Major General Khalifa bin Harib Al Khaili. Lt Gen Al Hassan said directives by […]
FAB to finance Middle East sustainable projects with $75bln by 2030
First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB. Bashir pointed out that FAB already financed projects worth $30 billion that serve sustainable development in the fields of solar energy, aviation, transportation, […]
Air Arabia Abu Dhabi marks its one millionth passenger
Air Arabia Abu Dhabi, the UAE capital’s first low-cost carrier, today marks a major milestone as it celebrates its first millionth passenger at Abu Dhabi International Airport since it launched its operation in July 2020. Having recently celebrated its second successful year of operations, Air Arabia Abu Dhabi has flown 1,000,000 passengers on over […]